ARDELYX (NASDAQ: ARDX) CEO Raab sells 41,666 shares after option exercise

Rhea-AI Filing Summary

ARDELYX, INC. President & CEO Michael Raab reported option exercises and share sales in ARDX. He exercised stock options for 20,833 shares of common stock at an exercise price of $0.99 per share through a derivative conversion. The resulting 20,833 common shares were acquired and then partially offset by an open-market sale of 41,666 common shares at a weighted average price of $6.255 per share, executed in multiple trades between $6.08 and $6.56. The sale was made under a Rule 10b5-1 trading plan adopted on November 7, 2025. After these transactions, Raab directly held 1,836,153 common shares, with additional shares held indirectly through family trusts for his children.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RAAB MICHAEL

(Last) (First) (Middle)

C/O ARDELYX, INC.

400 FIFTH AVENUE, SUITE 210

(Street)

WALTHAM MA 02451

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ARDELYX, INC. [ ARDX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/24/2026		M(1)		20,833	A	$0.99	1,877,819	D
Common Stock	02/24/2026		S(1)		41,666	D	$6.255(2)	1,836,153	D
Common Stock								24,364	I	Family Trust(3)
Common Stock								1,000	I	Family Trust(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$0.99	02/24/2026		M(1)			20,833	(5)	01/06/2032	Common Stock	20,833	$0	395,001	D

Explanation of Responses:

1. Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 7, 2025.

2. Transaction was executed in multiple trades in prices ranging from $6.08 to $6.56, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

3. The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.

4. The shares are owned directly by trusts for the benefit of the Reporting Person's children.

5. The option becomes exercisable as it vests and the shares subject to the option vest in 48 successive, equal monthly installments on each monthly anniversary of January 6, 2022, subject to the Reporting Person's continued employment or service relationship with the Issuer on each such vesting date.

	/s/ Elizabeth Grammer, Attorney-in-Fact for Michael Raab	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did ARDELYX (ARDX) CEO Michael Raab report in this Form 4?

Michael Raab reported exercising options and selling shares of ARDELYX common stock. He converted 20,833 options at $0.99 per share into common stock, then sold 41,666 shares at a weighted average price of $6.255 per share in open-market transactions.

How many ARDELYX (ARDX) shares did Michael Raab sell and at what price?

Michael Raab sold 41,666 ARDELYX common shares in the reported transaction. The shares were sold in multiple trades with prices ranging from $6.08 to $6.56 per share, resulting in a weighted average sale price of $6.255 per share.

What stock options did ARDELYX (ARDX) CEO Michael Raab exercise?

Raab exercised stock options covering 20,833 ARDELYX shares at $0.99 per share. These options are part of a grant that vests in 48 equal monthly installments starting January 6, 2022, subject to his continued employment or service with the company.

Were Michael Raab’s ARDELYX (ARDX) share sales under a 10b5-1 plan?

Yes, the reported ARDELYX share sale was made under a Rule 10b5-1 plan. The trading plan was adopted by Michael Raab on November 7, 2025, allowing pre-arranged, automatic sales separate from day-to-day discretionary trading decisions.

How many ARDELYX (ARDX) shares does Michael Raab hold after these transactions?

After the reported transactions, Michael Raab directly held 1,836,153 ARDELYX common shares. Additional ARDELYX shares are held indirectly by trusts established for the benefit of his children, reflecting indirect family ownership interests.

How were the ARDELYX (ARDX) sale prices calculated in Michael Raab’s Form 4?

The Form 4 reports a weighted average price of $6.255 per share. Individual trades occurred between $6.08 and $6.56 per share. Raab has undertaken to provide detailed trade-by-trade pricing information to regulators or shareholders upon request.